AUDUSD under 0.7500 once again, and also the 0.7490 safety net
The last time we dropped under 0.7490 we went on a little trip to 0.7439 before running back higher.
We're facing a similar picture again if AUDUSD can stay below 0.7490, a level that's been more apparent than the 0.75 big figure.
AUDUSD H4 chart
The current trend is pretty clear, as has been where the sellers are stepping in strongest (along that descending trend line).
The bulk of resistance is up around the 0.7530/55 area, with the 100 and 200 dma's at 0.7529 & 0.7553. The trend line is at 0.7542 currently. Keep an eye on a weekly close below the 55 wma at 0.7519.
If you're looking for the next big support, that might be down at the 100 wma at 0.7414, which is where we're likely to see protection of 0.7400. Just under there is the 61.8 fib of the Dec 2016 swing up at 0.7384.
The aussie has a habit of making you work hard for your money and often breaks don't usually snowball into anything big. Shorts from 0.7490 could offer a tight trade for those who want to short but missed the break. Alternatively, some patience may be required for shorts at the higher 0.7540/50 area, should we have a look up there.
I'd be looking at a stop just above 0.7500 though on that one though. Longs may want to dabble at 0.7450/55, again with a tight stop under the recent lows.
There's plenty for both sides in this one but be prepared to twiddle your thumbs for a while if you get in something.
